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STONERIDGE RESOURCES, INC. ANNOUNCES ANNUAL SHAREHOLDERS' MEETING PLANS

STONERIDGE RESOURCES, INC. ANNOUNCES ANNUAL SHAREHOLDERS' MEETING PLANS
 OMAHA, Neb., Oct. 29 /PRNewswire/ -- Stoneridge Resources, Inc. (NYSE: SRE) announced today that at the annual meeting of shareholders to be held later this year in Omaha, Neb., the board of directors proposes to submit for shareholder consideration, in addition to the election of directors, a number of additional matters.
 The company will propose that shareholders approve a reverse stock split, which if approved, would result in the issuance of one post-split share of common stock, par value $0.40 per share, for each four outstanding shares of common stock, par value $0.10 per share. There are presently an aggregate of 13,663,632 pre-split shares of common stock outstanding.
 The company will also propose for shareholder consideration a rights offering proposal, which if approved, would authorize the issuance to shareholders of rights to purchase, at a pre-split price of $2.00 per unit, a unit consisting of one share of common stock and one four-year warrant to purchase an additional share of common stock at a warrant exercise price of $2.75 per pre-split share, for each share of common stock owned by shareholders on the record date of the offering. Completion of the rights offering would be conditioned upon the sale of a minimum of 5,500,000 units for gross proceeds of $11 million. The company has obtained $7.5 million in commitments to subscribe for units in the rights offering. The net proceeds of the rights offering will be used first to retire $9.5 million of debt, with any balance for contribution to the capital of the company's insurance subsidiaries and for working capital and general corporate purposes.
 The company will also seek shareholder approval for the issuance of securities to certain directors of their affiliates and certain other principal shareholders of the company, which if approved by shareholders, could result in the issuance of an aggregate of 3,500,000 pre-split units identical to those offered in the rights offering in exchange for $7 million of debt of a company subsidiary, at the option of the debtholder, an aggregate of 389,506 pre-split shares of common stock pursuant to exercise of previously issued warrants at an exercise price of $2.375 per pre-split share and an aggregate of 70,229 pre-split shares of common stock pursuant to the company's previously consummated merger with The Major Group, Inc.
 The company will also seek shareholder approval to change the company's name to Acceptance Insurance Companies Inc. This change is being proposed so as to more accurately reflect the dominance of the insurance business in the operations of the company.
 As of June 30, 1992, the insurance operations represented approximately 90 percent of the company's total asset base. Additionally, for the year ended Dec. 31, 1991, the insurance business contributed approximately $7.3 million of operating income, and net income of approximately $4.8 million. On a consolidated basis for 1991, the company had an operating loss of approximately $23.3 million and a consolidated net loss of approximately $42.9 million. As previously announced, the consolidated operating loss included a $15.3 million charge related to the company's Major Realty Corporation investment and the consolidated net loss also included a $19.6 million charge pertaining to the company's former investment in Orange-co, Inc., which was sold in May 1992 for $31 million.
 The company will distribute proxy materials as soon as possible which will provide detailed information on all proposals to be voted upon at the meeting.
 Stoneridge Resouces' principal operations are conducted through Acceptance Insurance Holdings, Inc., a specialty property and casualty insurance group based in Omaha, Neb.
 -0- 10/29/92
 /CONTACT: William J. Gerber, vice president of Acceptance Insurance Companies, 402-344-8800, or Edward Silverman or Cynthia A. Bond of Silverman Heller & Bond, 212-682-9222, for Stoneridge Resources/
 (SRE) CO: Stoneridge Resources, Inc. ST: Nebraska IN: INS SU:


KD-TM -- NY090 -- 6799 10/29/92 16:58 EST
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Publication:PR Newswire
Date:Oct 29, 1992
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